As CEO, Mr Dearie made the call to destroy millions of dollars worth of stock in the USA, a decision that many believe was a major factor behind the company's decision to remove him.

But Mr Simic, a wine commentator and owner and editor of Winestate Magazine, says he is impressed by the new CEO, Michael Clarke, after hearing his presentation to investors, analysts and media this week.

"I think shareholders are looking for stability now, and they don't want the dramatic movements Mr Dearie brought to the table," he said.

"Mr Clarke recognises that Penfolds is the jewel in the crown, which of course it is, and he's also recognised that marketing luxury wines in the Asian market are something that should still be continued."

Mr Clarke told investors and analysts yesterday he wants to trim any fat off the company and it had built up too many overhead costs in the last three years.

According to Mr Simic, his frank assessment of the company's situation will be welcomed by investors who've been sorely disappointed in the company for some time now.

"I think those comments are what would have got him the job.

"I don't think shareholders won't the kinds of surprises they got with Mr Dearie," he said.